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October 23, 2007

Thailand clears way for US$3 billion Bongkot project

Thailand granted state-owned PTTEP a 10-year extension on the production licence for Bongkot, the largest gas field in the country, clearing the hurdle for the operator's US$3 billion Greater Bongkot North (GBN) and Greater Bongkot South (GBS) development.  The Bongkot field now produces about 600 MMcf/d of natural gas and 18,000 b/d of condensate, equivalent to 20 per cent of Thailand's national gas consumption.  The GBS development is expected to push the production capacity to about 900 MMcf/d.

PTTEP President Maroot Mrigadat said the extension makes way for the operator and its partners to carry out the US$3 billion GBS and GBN projects, scheduled to take place from 2008 through 2011.

The GBS project will call for the construction of a production platform, a living quarter platform, wellhead platforms and the drilling of development wells with the aim of increasing the production volume by 300 MMcf/d.  PTTEP has called for the bids for the production platform and a tender rig to drill in both Bongkot South and the neighbouring Arthit North fields.  PTTEP also plans to conduct further exploration and appraisal drilling to develop the discovered structures in GBN.  The operator plans to build more wellhead platforms in the area.

Bongkot consists of three blocks, B15, B16 and B17.  With the extension, PTTEP can now produce gas and condensate from Block B15 until 2022 and from Blocks B16 and B17 until 2023.  The extension granted on the three blocks is expected to bring an income of more than US$1.2 billion to the local government in the form of royalty, tax and remuneration over the 10-year period.

PTTEP operates the field with close to 45 per cent interest.  Total holds 33 per cent interest while BG owns the remaining 22 percent interest. Courtesy Energycurrent

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